- New Zealand Energy Corp. (NZ) has released its financial and operational results for Q3, 2022
- The company achieved average net daily production of 86 boe/d (88 per cent oil) through Q3
- Undeveloped reserves have been assigned to the planned new well, which is to be drilled in the crest of the Tariki sandstone member in the overthrust structure of the field during the first half of next year
- New Zealand Energy Corp. (NZ) is unchanged, trading at $0.10 per share
New Zealand Energy Corp. (NZ) has released its financial and operational results for Q3 2022.
The results saw a total comprehensive loss of $318,741, compared to a loss of $385,465 compared to the same period in 2021.
There was a $296 decrease in cash held, with $462,976 held at the end of the quarter.
Cash provided in operating activities for the quarter was $611,940 (2021: Used $50,696). The company achieved average net daily production of 86 boe/d (88 per cent oil) through Q3.
Chairman James Willis commented that the Tariki joint venture is a prime focus for the company. The licence holders are progressing utilization of the Tariki field for gas storage.
During Q3, the Tariki Joint Venture engaged RPS Energy Canada Ltd. to prepare an independent report of the oil and gas reserves of the Tariki Field, which evaluation was received after the end of Q3. The Tariki Joint Venture is anticipating drilling an up-dip well at Tariki in 2023.
Undeveloped reserves have been assigned to the planned new well, which will be drilled in the crest of the Tariki sandstone member in the overthrust structure of the field during the first half of next year.
The company intends to fund various development projects and to repay its C$2,000,000 convertible loan with Arizona Finance Ltd. either by selling prospective gas entitlements and/or raising additional capital. The agreement has been extended to May 31st, 2023.
New Zealand Energy Corp. (NZ) is engaged in the exploration and production of oil and natural gas, as well as the operation of midstream assets. The company conducts its business as a single operating segment being the acquisition, exploration, development, and production of conventional oil and natural gas resources. Geographically, it operates through the region of New Zealand. It generates most of its revenues from oil sales.
New Zealand Energy Corp. (NZ) is unchanged, trading at $0.10 per share.